What is the North Carolina Homeowner Assistance Fund?

14 Feb

North Carolina homeowners whose finances were negatively impacted by the pandemic and now need assistance with housing related expenses can now submit an application to The North Carolina Homeowner Assistance Fund.

The fund which was established via the 2021 American Rescue Plan was set up to help prevent mortgage delinquencies, defaults, displacements and foreclosures for homeowners who have experienced financial issues due to the pandemic. Homeowners may qualify for up to $40,000 worth of assistance if they qualify and funding is still available. 

The program is funded by the federal award number HAF0019 which was awarded to the State of North Carolina by the US Department of the Treasury. The program is being run by the NC Housing Finance Agency. North Carolina was allocated $273 million for this program. 

“The economic impact of COVID-19 has been felt by many North Carolinians,” said Scott Farmer, executive director of the North Carolina Housing Finance Agency (NCHFA) in a recent WBTV article. The NCHFA is administering the NC Homeowner Assistance Fund. “This program is designed to help homeowners who are experiencing pandemic-related financial hardships hold on to their homes while they get back on their feet. Ensuring that families have stable housing has always been our mission and that has become even more critical during this ongoing public health crisis,” Farmer continued”

If you qualify, the fund can help homeowners with the following:

  • Mortgage Payment Assistance: Housing payment assistance for primary residence in North Carolina – This can include single family homes, condos, mobile homes and even a townhome.
  • Mortgage Assistance: It is possible to get assistance for mortgage reinstatement to catch up on late mortgage payments. This can be used for a first or second mortgage as well as other housing-related costs due to a period of forbearance, delinquency, or default.
  • Related Expenses: Assistance for other housing related costs such as flood insurance, homeowners insurance, HOA fees, mortgage insurance or even covering delinquent property taxes to prevent foreclosure.

Do you qualify?

If you meet any of the conditions below, you may qualify for help under this program: 

  • If you have experienced financial hardship on or after January 21, 2020, due to the pandemic and your income falls below $79,900. It may be possible to qualify for help if your income is higher, it varies by household size and county of residence.
  • If you need help with expenses related to your primary residence which is located in North Carolina
  • You can attest to experiencing financial hardship due to the pandemic. This can include a reduction in income due to a business closure, job loss, difficulty finding a new job, a reduction in your hours or an increase to your health care costs or increased childcare costs due to quarantine. Other expenses may be covered as well.

You can learn more and apply for help by calling 1-855-MY-NCHAF (1-855-696-2423) Monday–Friday, 8 a.m. to 8 p.m. or by visiting NCHomeownerAssistance.gov.

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